REX American Resources (REX) Q4 2026 earnings summary

Executive summary

• Fiscal 2025 marked a record year with outstanding operational performance, including record net income per share of $2.50, net income of $83 million, and strong export demand.

• Major progress was made on the One Earth Energy facility expansion and carbon capture initiatives, reinforcing sustainability and future value creation.

• The company maintained a strong balance sheet with $375.8 million in cash and no bank debt, supporting continued growth.

• Gross profit for 2025 was $93.7 million, with Q4 gross profit at $28.9 million, driven by improved ethanol pricing and lower corn costs.

• Net sales and revenue for fiscal 2025 were $650.5 million, a slight increase from $642.5 million in 2024.

Financial highlights

• Ethanol sales volumes reached an all-time high of 290 million gallons in 2025, up from 289.7 million gallons in 2024.

• Gross profit for 2025 was $93.7 million, up from $91.5 million in 2024; Q4 gross profit was $28.9 million, up from $17.6 million in Q4 2024.

• Net income attributable to shareholders was $83 million for 2025, up from $58.2 million in 2024; Q4 net income was $43.7 million, up from $11.1 million in Q4 2024.

• Diluted EPS for 2025 reached a record $2.50, compared to $1.65 in 2024; Q4 EPS was $1.32, up from $0.31 in Q4 2024.

• Ended 2025 with $375.8 million in cash equivalents and short-term investments, with no bank debt.

Outlook and guidance

• Expanded production capacity at One Earth Energy is expected to come online in 2026, supporting further growth.

• Continued eligibility for 45Z tax credits through 2029 is anticipated to benefit future results.

• Management expects another year of strong performance in 2026, driven by expanded capacity, favorable market conditions, and ongoing operational excellence.

• Carbon capture and sequestration project is awaiting permitting, with ongoing engagement with regulators.

• Focus remains on leveraging 45Z tax credits for future profitability.